Cardano Founder Responds to Raoul Pal’s Description of XRP and ADA Communities as “Cult-Like”
In a recent interview on Real Vision, financial analyst Raoul Pal criticized the persistent support for older cryptocurrencies like Cardano (ADA) and Ripple (XRP), referring to it as a “cult-like” mentality. He highlighted that these digital assets, despite having strong communities, might not be the most lucrative investment choices in the current market climate.
Pal’s Comment and Hoskinson Response
Pal’s comments prompted a sarcastic response from Charles Hoskinson, the founder of Cardano, who humorously questioned when he and Brad Garlinghouse, the CEO of Ripple, would be attending the alleged “Secret Cult” meetings mentioned by Pal.
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Cardano has notably underperformed in the ongoing bull market, mirroring the struggles of XRP. ADA has experienced a 40% decline in 2024 and a staggering 88% drop from its all-time high in 2021. It has also slipped out of the top 10 cryptocurrencies by market capitalization, ceding its tenth position to Tron (TRX). These developments have raised concerns about Cardano’s ability to recover its previous peak.
Pal’s Criticism and Community Reactions
Pal’s criticism has reignited tensions within the crypto community and has also drawn pro-XRP industry leaders into the debate. Dizer Capital founder Yasin Mobarak, for instance, disagreed with Pal, emphasizing that while holding XRP can be challenging, investors should not disregard its potential for future growth.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
